Enbridge says 2013 profit at low end of target, raises payout

CALGARY, Alberta Dec 4 (Reuters) - Enbridge Inc,
Canada's largest pipeline operator, said on Wednesday 2013
earnings would be at the low end of its target of C$1.74 to
C$1.90 per share, but boosted its dividend by 11 percent.

Enbridge, which has forecast that earnings per share will
grow 10 percent to 12 percent annually between 2013 and 2017,
said earnings this year and next will be below that target as it
completes an expansion of its network of pipelines, which now
carry the bulk of Canada's crude oil exports to the United
States.

"The combination of the peak level of work in progress and
significant equity prefunding means that earnings per share
growth for 2013 and 2014, though strong, will be slightly below
the long term average of 10-12 percent, with the expectation of
then climbing above the average beginning in 2015," Al Monaco,
the company's chief executive, said in a statement.

Congested Canadian export pipelines have caused Enbridge to
ration how much crude shippers can transport on its network.
That exacerbates price discounts on oil sands crude against the
West Texas Intermediate benchmark as production gets
bottlenecked in Alberta.

The company said it will increase its quarterly dividend to
35 Canadian cents per share beginning at the end of March, up
from 31.5 Canadian cents.